DTN Midday Grain Comments 12/23 10:51

DTN Midday Grain Comments 12/23 10:51 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 13 to 14 cents higher; wheat futures are 5 to 12 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 13 to 14 cents higher; wheat futures are 5 to 12 cents higher. The U.S. stock market is mixed with the DOW up 30 points. The U.S. Dollar Index is 15 points lower. Interest rate products are weaker. Energies are firmer with crude up 2.40 and natural gas up .15. Livestock trade is mixed. Precious metals are firmer with gold up 15.00. CORN: Corn futures are 5 to 6 cents higher at midday with firmer spread action and thin volume heading toward the Christmas break. Ethanol margins have stabilized a bit with corn staying range-bound and natural gas backing off the highs, with demand starting to edge higher ahead of the holidays despite the winter storm. Planting should catch up some in Argentina with the improved forecast. The daily export wire showed 150,000 metric tons (mt) sold to Mexico. Basis has stabilized in the west with above average action holding up overall. On the March chart, support is at the $6.53 20-day moving average which we moved above Wednesday, with the Upper Bollinger Band at $6.73 the next level up as resistance. SOYBEANS: Soybean futures are 13 to 14 cents higher at midday with trade holding the upper end of the range into the weekend with little fresh news and a continued watch on South American weather. Meal is $4.50 to $5.50 higher, and oil is narrowly mixed. Brazil looks to remain in good shape, short term, while the Argentina improvement will need to continue with the forecast in flux. The daily export wire showed 124,000 metric tons sold to unknown while spreads start out flat. Basis remains mostly sideways near term. January chart support is at the $14.66 20-day moving average, which we are just above, with resistance at the $14.99 upper Bollinger band and the $14.93 3/4 two-month high. WHEAT: Wheat futures are 5 to 12 cents higher at midday with Chicago wheat leading on colder weather as it works to move back from the lower end of the range and consolidate above nearby resistance after pushing through it Thursday. The Southern Plains look to remain mostly dry, short term, with some cover for the cold snap with warmer weather to follow next week with some moisture potential sticking around mostly to the north. Southern Hemisphere harvest continues to move ahead with mixed results so far. Matif wheat values remain at the lower end of the recent range as well with firmer action Friday. On the chart, KC March has support at the 20-day moving average at $8.60 that we pushed above at midweek, with the Upper Bollinger Band above that at $9.00. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.